Recent market trends have been unfavorable for the cryptocurrency industry, as both Bitcoin and Ethereum experienced negative returns over the past week. Bitcoin saw a decline of 1.7%, while Ethereum faced a more significant drop of 6.2%. As the “Uptober” rally potentially comes to a close, analysts are hopeful for a rebound in BTC and ETH prices in the upcoming week following the recent downturn.
October Emerges as a Strong Month for ETFs
It has been a noteworthy week for Bitcoin exchange-traded funds (ETFs), with approximately $1 billion flowing into 12 spot ETFs dedicated to Bitcoin. Four out of these 12 ETFs saw positive inflows, with the largest ETF, BlackRock’s IBIT, nearing $24 billion in total inflows since its inception.
Beginning on October 14 with $555.86 million, these funds experienced five consecutive days of inflows, totaling over $2.13 billion—the first time weekly inflows surpassed $2 billion since March 2024.
With consistent inflows over the past two weeks, the 12 Bitcoin ETFs have amassed over $3.07 billion in October, making it a robust month for ETFs.
Additionally, Ethereum ETFs have faced a different situation. Despite a positive trend, Ethereum ETFs recorded a net outflow of $19.1 million on October 25 after three consecutive days of inflow, as reported by SoSoValue.
The significant inflow volume into Bitcoin and Ethereum in recent weeks could potentially fuel a strong rebound rally in the forthcoming week.
Bitcoin Price Forecast
Bitcoin is currently holding above $65,000, indicating a push from buyers to establish this level as a new support. The formation of a rising wedge pattern is a crucial indicator for next week’s prediction. At the time of writing, BTC is trading at $67,106, with a surge of over 0.5% in the last 24 hours.
The upward trend in the 20-day exponential moving average and a positive relative strength index (RSI) suggest that bulls have the upper hand for the upcoming week, increasing the chances of a breakout above $70,000. If successful, the BTC/USDT pair could climb to $72,000.
On the downside, maintaining the $65,000-$62,000 support zone is crucial for the bulls. A significant drop below this zone could confirm the pattern and lead to a decline in BTC price towards $50.7K in November.
Ethereum Price Forecast
Ether has rebounded from the 50-day Simple Moving Average (SMA) at $2,407, indicating efforts from bulls to establish a higher low. Currently, ETH is trading at $2,479, with a surge of over 0.6% in the last 24 hours.
If buyers succeed in pushing the price above the EMA 20 trend line, the ETH/USDT pair could rise to $2,850. Sellers might attempt to halt the recovery at this level, but if bulls remain strong, the likelihood of a breakout increases. This could lead to a rally towards $3,300 in the upcoming week.
The 50-day SMA is a critical level to monitor on the downside. A breach and close below this support could trigger a decline below the support line towards $2,200.
